The Circle Pressroom

Press Release
October 25, 2021

TRM Labs & Circle Conquer Crypto Compliance

BOSTON, Oct. 25, 2021 — Circle Internet Financial, LLC, a leading fintech that helps businesses harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide today announced it is implementing a full suite of risk management tools developed by TRM Labs, a blockchain intelligence provider. The relationship allows Circle to further enhance their platform's ability to detect and defend against fraud and financial crime with tools from TRM Labs.

TRM Labs combines raw blockchain data with advanced analytics to help customers identify "on-chain" indicators of money laundering or other illicit activity and trace the flow of cryptocurrency funds to their ultimate source or destination.

The relationship is the latest in a series of actions by Circle demonstrating a commitment to collaborating with industry and government on the appropriate future supervisory standards, and to maintaining or exceeding those standards to create reliable, trusted, secure and compliant infrastructure.

Circle will use TRM's risk management platform to conduct digital currency transaction monitoring, a process for detecting unusual activity and investigating alerts through integrated case management.

"We believe the TRM platform gives us the most accurate, comprehensive picture of financial crime risk across all of the assets we need to monitor," said Mandeep Walia, Chief Compliance and Risk Officer at Circle. "We are fully equipped to comply with existing regulatory obligations, and the addition of TRM's capabilities  will help us scale and adapt our risk management needs as the regulatory landscape continues to evolve."

"Circle brings an innovative, collaborative ethos and a first-rate team of compliance experts to the TRM user community," said Esteban Castaño, co-founder and CEO of TRM Labs, underscoring an increasingly proactive effort by many in the crypto ecosystem to implement best-in-class technology and policies that promote trust and safety for users. "Having their input as users will be hugely valuable as we continue to develop forward-thinking solutions for the entire ecosystem of TRM customers and partners."

The TRM platform is used by financial institutions, crypto businesses, law enforcement and regulatory agencies around the world to monitor, detect and investigate financial crime and fraud in digital assets.

About Circle

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the principal operator of USD Coin (USDC), which has become the fastest growing, regulated, fully reserved dollar digital currency. USDC in circulation is greater than $32 billion and has supported over $1 trillion in on-chain transactions. Today, Circle's transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce. Additionally, Circle operates SeedInvest, one of the largest equity crowdfunding platforms in the U.S., which is a registered broker dealer. 

About TRM Labs

TRM Labs provides blockchain intelligence to organizations who need to monitor, detect and investigate crypto-related fraud and financial crime. Trusted by financial institutions, crypto businesses, and government agencies across the globe, TRM's platform includes tools for crypto wallet screening, transaction monitoring, VASP due diligence, and investigative tracing. www.trmlabs.com